Funding deal approved for Preston’s proposed £40m cinema and leisure scheme

Plans for Preston’s £40m cinema and leisure complex took an important step forward today (August 19) as councillors agreed a funding package for the project.The new development, called ‘Animate’, will be located on the site of the former indoor market and will feature an eight-screen cinema and bowling alley along with five new restaurants and bars, a street-food hub, a car park, and new public square.The scheme will bring growth and development to the city centre as well as bringing in more than £7m of extra economic activity every year while creating 125 full time equivalent jobs.The announcement comes after councillors voted to approve a Development and Funding Agreement (DFA) for the ‘Animate’ scheme which is being developed by the council in partnership with Maple Grove Developments, part of the Preston-based Eric Wright Group.Under the DFA, around £3.5m for the development will come from Preston’s £20.9m Towns Deal, a further £3.25m from the Preston, South Ribble and Lancashire City Deal, and the remainder from Preston City Council. The land and buildings will be owned by the council and leased to the site operators.Confirmation of the DFA means a final public consultation on the proposals can now get under way ahead of a planning application in the autumn. Negotiations with anchor operators for the cinema and bowling alley are at an advance stage, alongside strong interest for the restaurant units.Subject to planning permission being granted, it is anticipated construction work on the project could begin in 2022 with the complex opening in spring 2024.